Dow33945.58+68.61(0.20%)Nasdaq14253.27+111.79(0.79%)SP 5004246.44+21.65(0.51%)10-yr Note +2/321.475NYSEAdv 1757 Dec 1468 Vol 920.0 mlnNasdaqAdv 2225 Dec 2034 Vol 4.3 bln Industry Watch Strong: Consumer Discretionary, Information Technology, Communication ServicesWeak: Real Estate, Utilities Moving the Market -- Nasdaq Composite sets intraday and closing record highs-- Growth stocks set the record-setting pace-- Fed Chair Powell testified before the House Select Subcommittee on the Coronavirus Crisis and sounded optimistic on the economy Growth stocks lead Nasdaq to record highsDow +68.61 at 33945.58, Nasdaq +111.79 at 14253.27, S&P +21.65 at 4246.44 [BRIEFING.COM] The S&P 500 gained 0.5% on Tuesday in a session that featured leadership from the growth stocks and a congressional testimony from Fed Chair Powell. The Nasdaq Composite (+0.8%) outperformed and set intraday and closing record highs. The Dow Jones Industrial Average increased 0.2%, and the Russell 2000 increased 0.4%. Before the Fed Chair spoke to the House Select Subcommittee on the Coronavirus Crisis in the afternoon, the S&P 500 was sporting a slightly positive bias and was leaning heavily on the growth stocks. The latter obfuscated the fact that declining issues were outpacing advancing issues at the both the NYSE and Nasdaq. Fed Chair Powell didn't really provide any new information on monetary policy and instead spoke optimistically about the economic outlook. He said factors that have weighed on the labor market and that have contributed to increased levels of inflation should both be transitory. In addition, Mr. Powell said he thinks there will be strong jobs creation this fall. The broader market firmed up a little bit, particularly the small-cap stocks as the Russell 2000 was down 0.9% shortly after the open. The consumer discretionary sector (+1.0%) finished atop the S&P 500 sector standings with a 1% gain, while the utilities (-0.7%) and real estate (-0.4%) sectors were the only sectors that closed lower. The consumer discretionary sector included a nice gain in Amazon.com ($AMZN 3505.44, +51.48, +1.5%), which reportedly had a decent first day of its Prime Day event. All in all, it was still a session heavily influenced by large growth stocks like Amazon. Apple ($AAPL 133.98, +1.68, +1.3%), Microsoft ($MSFT 265.51, +2.88, +1.1%), Facebook ($FB 339.03, +6.74, +2.0%), and NVIDIA ($NVDA 755.47, +18.38, +2.5%) rose more than 1.0%. The Vanguard Mega Cap Growth ETF ($MGK 227.92, +2.34, +1.0%) increased 1.0%. U.S. Treasuries settled slightly higher, pushing yields lower. The 2-yr yield decreased two basis points to 0.23%, and the 10-yr yield decreased one basis point to 1.47%. The U.S. Dollar Index decreased 0.2% to 91.73. WTI crude futures decreased 0.8%, or $0.56, to $73.08/BBL. Reviewing Tuesday's economic data: Existing home sales decreased 0.9% m/m in May to a seasonally adjusted annual rate of 5.80 million (Briefing.com consensus 5.71 million) from an unrevised 5.85 million in April. Total sales in May were up 44.6% from a year ago when they were depressed in the early stages of the pandemic.The key takeaway from the report is that the supply of existing homes for sale remains extremely limited. That is driving up the pace of price increases well beyond the pace of income gains, which is going to create affordability pressures for prospective buyers, particularly first-time buyers. Looking ahead, investors will receive New Home Sales for May, the Current Account Balance for the first quarter, preliminary IHS Markit Manufacturing and Services PMIs for June, and the weekly MBA Mortgage Applications Index on Wednesday. Russell 2000 +16.3% YTDS&P 500 +13.1% YTDDow Jones Industrial Average +10.9% YTDNasdaq Composite +10.6% YTDSource: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .